【作者】 胡蓉；

【导师】 季小琴；

【作者基本信息】 中南财经政法大学 ， 会计学， 2020， 硕士

【摘要】 我国证券管理部门于2014年11月17日开始正式实施沪港通制度,该制度的实施标志着我国资本市场实现更进一步的对外开放。沪港通制度的施行对于实现沪港两地市场互惠互利发展、提高我国资本市场对外开放水平具有重要意义;该制度的实施也对拓宽沪港两地投资者的投资渠道,提高资本市场效率做出了重要贡献。我国对外实施开放策略,对内则强调落实创新驱动发展战略。随着我国进入经济转型期,我国传统要素驱动经济发展模式亟需转向创新驱动发展模式。企业是创新的主体,而企业创新又离不开外部资金支持,并且会受到宏观经济政策的影响,沪港通制度的实施拓宽了企业的融资渠道,提高了企业治理水平,党的十九大报告又指出要加强金融体制服务经济实体的能力。因此,本文重点关注沪港通制度对企业创新的影响,研究这一影响对进一步研究金融体制改革与实体经济的关系具有重要意义。本文研究的主要问题是沪港通制度的实施能否促进企业创新,若会促进企业创新,其中的影响机制又是什么。本文采用倾向性得分匹配和双重差分模型从整体上研究沪港通制度对企业创新的影响,然后从股价信息含量、企业治理水平以及融资约束这三个角度对样本企业进行分组回归,得出如下结论:首先,沪港通促进了企业创新。其次,沪港通能够通过提高企业内部治理水平和缓解企业融资约束促进企业创新,但是该制度并未通过提高股价信息含量和企业外部治理水平促进企业的创新投入,其原因一方面可能是股价信息含量的反馈机制还不成熟,企业治理层对股价信息的提高不敏感,另一方面沪港通对企业外部治理水平的提升作用还比较小,无法促进企业创新投资。本文的研究结果对政府监管部门和我国上市企业可能具有如下政策建议:政府监管部门要坚持逐步实现资本市场对外开放的原则,适当扩大试点范围与规模,加大信息中介市场的培育力度,加强对投资者的引导和教育,同时有效防范并控制资本市场开放带来的风险;我国上市企业要提高企业信息披露质量,提高企业内部治理水平和经营能力,并提高股权融资比重。本文的主要创新和贡献在于从企业创新的视角考察了沪港通制度的实施效果,拓展了沪港通制度的研究视角,丰富了金融体制改革和企业创新影响因素的相关理论,有利于政策制定者进一步修正沪港通制度;同时发现了促进企业创新的新路径,有助于企业更好地利用沪港通制度的积极作用。本文研究的局限性在于对企业创新水平衡量不够准确和全面,未考虑深港通制度实施的影响,并且未进一步探讨境外投资者持股大小对上市公司创新投入产生的影响。更多还原

【Abstract】 China’s securities management authorities officially implemented the Shanghai-Hong Kong Stock Connect system on November 17,2014.As a landmark event for the opening of China’s capital market to the outside world,the implementation of the Shanghai-Hong Kong Stock Connect system is of great significance for the mutually beneficial development of the Shanghai-Hong Kong market and the opening of China’s capital market.To improve the efficiency of the capital market;made important contributions.China implements an opening strategy to the outside world,while emphasizing the implementation of an innovation-driven development strategy internally.As China enters the economic transition period,China’s traditional factor-driven economic development model urgently needs to shift to the innovation-driven development model.Enterprises are the mainstay of innovation,and corporate innovation is inseparable from external funding support,and will be affected by macroeconomic policies.The implementation of the Shanghai-Hong Kong Stock Connect system has broadened corporate financing channels and has an impact on corporate governance.The 19 th CPC National Congress The report also pointed out the need to strengthen the financial system’s ability to serve economic entities.Therefore,this article focuses on the impact of the Shanghai-Hong Kong Stock Connect system on corporate innovation.Studying this issue is of great significance for exploring the relationship between financial system reform and the real economy.The main questions studied in this article are whether the Shanghai-Hong Kong Stock Connect system will promote corporate innovation,and if it will promote corporate innovation,what are the impact mechanisms? This article uses the tendency score matching and double difference model to study the impact of the Shanghai-Hong Kong Stock Connect system on corporate innovation as a whole,and then groups the sample companies from three perspectives: stock price information content,corporate governance level,and financing constraints.Regression,the following conclusions are drawn: First,the Shanghai-Hong Kong Stock Connect system has promoted corporate innovation.Secondly,the Shanghai-Hong Kong Stock Connect system can promote corporate innovation by improving the internal governance of the enterprise and alleviating corporate financing constraints,but the system has not promoted corporate innovation by increasing the information content of stock prices and the level of external governance.The reason may be that China’s capital market resources The allocation efficiency is still relatively low,resulting in a weak feedback mechanism for the stock price information content.On the other hand,the external governance effect of the Shanghai-Hong Kong Stock Connect system is relatively small,so that it cannot promote corporate innovation investment.The research results of this article may have the following policy recommendations for the government and regulatory authorities and listed companies in China: Government regulatory agencies should adhere to the principle of gradually opening the capital market to the outside world,appropriately expand the scope and scale of the pilot,increase the cultivation of the information intermediary market,and strengthen Guide and educate investors,and effectively prevent and control risks brought by the opening of the capital market.China’s listed companies should improve the quality of corporate information disclosure,improve their internal governance,and increase the proportion of equity financing.The main innovation and contribution of this article is to examine the implementation effect of the Shanghai-Hong Kong Stock Connect system from the perspective of corporate innovation,expand the research perspective of the Shanghai-Hong Kong Stock Connect system,and help policy makers to further improve the Shanghai-Hong Kong Stock Connect system and enrich the financial system reform and enterprises.Related theories of influencing factors of innovation.At the same time,it has found a new impetus to promote corporate innovation,which will help companies better utilize and exert the positive impact of the Shanghai-Hong Kong Stock Connect system.The limitations of this study are that the innovation level of enterprises is not accurate and comprehensive,and the impact of the implementation of the Shenzhen-Hong Kong Stock Connect system has not been studied.And scholars do not further explore the impact of the size of foreign investors’ holdings on the innovation investment of listed companies.更多还原